The Company leases office space with lease terms ranging from one to six years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company’s proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company’s election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.0 million and $1.9 million for the three and six months ended June 30, 2026, respectively, and $1.1 million and $2.2 million, respectively, for the three and six months ended June 30, 2025. The Company also incurred variable lease costs of $0.1 million and $0.1 million for the three and six months ended June 30, 2026, and $0.0 million and $0.1 million for the three and six months ended June 30, 2025.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.1 million and $2.2 million for the three and six months ended June 30, 2026, respectively, and $1.2 million and $2.5 million for the

three and six months ended June 30, 2025, respectively. These amounts were included in net cash provided by operating activities in the Company’s consolidated statements of cash flows.


	Operating Leases
Year Ended December 31,	(in thousands)
2026 (remainder of the year)	$	2,153
2027	3,165
2028	4,169
2029	1,721


Total lease payments	$	11,208
Less: imputed interest	$	(827)
Present value of operating lease liabilities	$	10,381
Operating lease liabilities, current	$	3,174
Operating lease liabilities, non-current	$	7,207


	As of June 30, 2026		As of December 31, 2025
Weighted-average remaining lease term of operating leases	2.8 years		3.3 years
Weighted-average discount rate of operating leases	5.3	%	5.4	%